RI
Rtw Investments, LP 13F Holdings & Position Changes (Q2 2026)
Rtw Investments, LPCIK: 0001493215
Diversified strategySector-focusedMomentum follower
Total reported value
$11.7B
Reporting period: 2026-06-30 · Number of holdings: 84
RTW INVESTMENTS, LP disclosed 84 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $11.7B and a quarterly turnover rate of 39.1%.
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Personality snowflake
- Concentration
- 13.49
- Portfolio Stability
- 39.09
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 86.38
Rtw Investments, LP's disclosed holdings carry a Herfindahl concentration index of 0.034 — mathematically equivalent to about 30 equally-sized positions, well below its 84 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.36), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 42% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim INSM
0.0% -$275.6M
Sold out APGE
New buy 482931102
Add ORKA
+52.5% $197.8M
Sold out APLSUSD
Add RARE
+113.7% $183.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MDGL | Madrigal Pharmaceuticals Inc | Stock-Healthcare | 9.14% | -1.24% | — | |
| 2 | ARGX | Argenx Se - Adr | Stock-Healthcare | 5.62% | +0.46% | — | |
| 3 | PTCT | Ptc Therapeutics Inc | Stock-Healthcare | 5.39% | +0.14% | — | |
| 4 | PTGX | Protagonist Therapeutics Inc | Stock-Other | 5.30% | -0.01% | +0.04% | |
| 5 | CGON | Cg Oncology Inc | Stock-Other | 5.16% | +0.46% | +21.90% | |
| 6 | INSM | Insmed Inc | Stock-Healthcare | 4.41% | -3.47% | — | |
| 7 | TNGX | Tango Therapeutics Inc | Stock-Other | 3.71% | +0.94% | +4.51% | |
| 8 | SYRE | Spyre Therapeutics Inc | Stock-Other | 3.22% | +1.13% | +1.92% | |
| 9 | CELC | Celcuity Inc | Stock-Other | 2.95% | -0.50% | +8.73% | |
| 10 | ERAS | Erasca Inc | Stock-Other | 2.81% | +0.21% | +11.08% | |
| 11 | RDNT | Radnet Inc | Stock-Healthcare | 2.55% | +0.17% | +13.11% | |
| 12 | ORKA | Oruka Therapeutics Inc | Stock-Other | 2.55% | +1.55% | +52.52% | |
| 13 | NTRA | Natera Inc | Stock-Healthcare | 2.32% | -0.17% | -20.00% | |
| 14 | RARE | Ultragenyx Pharmaceutical In | Stock-Other | 2.22% | +1.46% | +113.68% | |
| 15 | IRTC | Irhythm Holdings Inc | Stock-Healthcare | 2.22% | +0.26% | +30.81% | |
| 16 | CYTK | Cytokinetics Inc | Stock-Healthcare | 2.08% | +0.30% | +5.18% | |
| 17 | ✓ | Stock-Other | 2.03% | +2.03% | NEW | ||
| 18 | ✓ | Establishment Labs Holdings In | Stock-Other | 1.95% | +0.45% | — | |
| 19 | GH | Guardant Health Inc | Stock-Healthcare | 1.90% | +0.54% | — | |
| 20 | NBIX | Neurocrine Biosciences Inc | Stock-Healthcare | 1.82% | +0.43% | +19.38% | |
| 21 | TARS | Tarsus Pharmaceuticals Inc | Stock-Other | 1.80% | -0.54% | +0.33% | |
| 22 | STOK | Stoke Therapeutics Inc | Stock-Other | 1.57% | -0.25% | — | |
| 23 | QURE | uniQure N.V. | Stock-Other | 1.55% | +1.13% | +52.40% | |
| 24 | ACAD | Acadia Pharmaceuticals Inc | Stock-Healthcare | 1.54% | -0.04% | — | |
| 25 | RGEN | Repligen CORP | Stock-Healthcare | 1.45% | +0.04% | +2.87% | |
| 26 | URGN | UroGen Pharma Ltd. | Stock-Other | 1.43% | +0.62% | — | |
| 27 | GHRS | GH Research PLC | Stock-Other | 1.36% | +0.53% | — | |
| 28 | IMCR | Immunocore Holdings Plc-adr | Stock-Other | 1.32% | -0.14% | — | |
| 29 | CMPS | Compass Pathways PLC | Stock-Other | 1.29% | +0.70% | +0.65% | |
| 30 | ✓ | Immatics NV | Stock-Other | 1.12% | -0.14% | +0.60% | |
| 31 | ZLAB | Zai Lab Ltd-adr | Stock-Other | 1.07% | -0.16% | — | |
| 32 | IMVT | Immunovant Inc | Stock-Other | 1.05% | +0.26% | — | |
| 33 | BLTE | Belite Bio Inc - Adr | Stock-Other | 0.94% | -0.19% | — | |
| 34 | XNCR | Xencor Inc | Stock-Other | 0.93% | +0.12% | — | |
| 35 | TSHA | Taysha Gene Therapies Inc | Stock-Other | 0.79% | +0.18% | -0.88% | |
| 36 | COGT | Cogent Biosciences Inc | Stock-Other | 0.76% | -1.33% | -57.70% | |
| 37 | ALKS | Alkermes plc | Stock-Healthcare | 0.75% | +0.16% | — | |
| 38 | GPCR | Structure Therapeutics Inc | Stock-Other | 0.74% | +0.74% | NEW | |
| 39 | REPL | Replimune Group Inc | Stock-Other | 0.70% | +0.14% | +0.74% | |
| 40 | CSTL | Castle Biosciences Inc | Stock-Other | 0.57% | -0.10% | +0.73% | |
| 41 | CADL | Candel Therapeutics Inc | Stock-Other | 0.56% | +0.25% | — | |
| 42 | RCKT | Rocket Pharmaceuticals Inc | Stock-Other | 0.52% | -0.11% | — | |
| 43 | KOD | Kodiak Sciences Inc | Stock-Other | 0.49% | -0.07% | — | |
| 44 | AKTS | Aktis Oncology Inc | Stock-Other | 0.44% | +0.16% | — | |
| 45 | AXGN | Axogen Inc | Stock-Other | 0.40% | +0.40% | NEW | |
| 46 | DHR | Danaher CORP | Stock-Healthcare | 0.37% | +0.37% | NEW | |
| 47 | CGEM | Cullinan Therapeutics Inc | Stock-Other | 0.37% | +0.13% | +38.59% | |
| 48 | NGNE | Neurogene Inc | Stock-Other | 0.37% | +0.10% | — | |
| 49 | HNGE | Hinge Health Inc-a | Stock-Other | 0.35% | -0.39% | -74.09% | |
| 50 | OBIO | Orchestra Biomed Holdings In | Stock-Other | 0.35% | — | +15.05% |
1–50 of 84
Portfolio Performance
Performance for Q3 2026
+20.1%
Performance Last 4 Quarters
+46.5%
- Stdev
- +27.1%
- Beta
- +0.95
- Alpha
- +2.7%
- Max Drawdown
- -17%
- Annualized Perf
- +19.9%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +1.6
- Stutzer
- +0.24
- Treynor
- +0.23
- Sterling
- +0.83
- Calmar
- +1.17
- Information Ratio
- +0.07
- Tracking Error
- +24.1%
- Stdev Down
- +13.6%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- +62.3%
- Worst 12 Months
- -10.8%
- Efficiency Ratio
- +0.33
- Sharpe
- +0.8
- Stdev Sectors
- 0%
- Skewness
- +0.52
- Kurtosis
- -0.15
- Upside Potential
- +3.49
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 84 | $11.7B | 39 | ||
| 2026 Q1 | 88 | $10.0B | 37 | ||
| 2025 Q4 | 91 | $10.0B | 55 | ||
| 2025 Q3 | 74 | $8.1B | 48 | ||
| 2025 Q2 | 73 | $7.0B | 0 | ||
| 2025 Q1 | 68 | $6.5B | 100 | ||
| 2024 Q4 | 72 | $6.6B | 0 | ||
| 2024 Q3 | 68 | $6.9B | 0 | ||
| 2024 Q2 | 68 | $6.5B | 0 | ||
| 2024 Q1 | 69 | $6.8B | 0 | ||
| 2023 Q4 | 64 | $6.4B | 0 | ||
| 2023 Q3 | 67 | $4.7B | 0 | ||
| 2023 Q2 | 62 | $5.3B | 0 | ||
| 2023 Q1 | 60 | $4.8B | 0 | ||
| 2022 Q4 | 77 | $4.9B | 0 | ||
| 2022 Q3 | 86 | $4.3B | 0 | ||
| 2022 Q2 | 107 | $3.9B | 0 | ||
| 2022 Q1 | 106 | $4.8B | 0 | ||
| 2021 Q4 | 124 | $6.8B | 0 | ||
| 2021 Q3 | 120 | $6.6B | 0 | ||
| 2021 Q2 | 113 | $6.6B | 98 | ||
| 2021 Q1 | 111 | $6.4B | 42 | ||
| 2020 Q4 | 102 | $6.0B | 56 | ||
| 2020 Q3 | 90 | $4.2B | 38 | ||
| 2020 Q2 | 77 | $3.6B | 61 | ||
| 2020 Q1 | 65 | $2.3B | 100 | ||
| 2019 Q4 | 60 | $2.6B | 0 | ||
| 2019 Q3 | 60 | $1.7B | 38 | ||
| 2019 Q2 | 52 | $1.9B | 49 | ||
| 2019 Q1 | 50 | $1.5B | 48 | ||
| 2018 Q4 | 47 | $1.1B | 71 | ||
| 2018 Q3 | 46 | $1.7B | 40 | ||
| 2018 Q2 | 40 | $1.4B | 53 | ||
| 2018 Q1 | 38 | $1.1B | 76 | ||
| 2017 Q4 | 32 | $599.1M | 37 | ||
| 2017 Q3 | 27 | $574.2M | 31 | ||
| 2017 Q2 | 28 | $474.4M | 49 | ||
| 2017 Q1 | 28 | $379.9M | 46 | ||
| 2016 Q4 | 32 | $265.7M | 75 | ||
| 2016 Q3 | 36 | $330.9M | 73 | ||
| 2016 Q2 | 35 | $292.7M | 42 | ||
| 2016 Q1 | 34 | $275.4M | 100 | ||
| 2015 Q4 | 29 | $302.8M | 0 | ||
| 2015 Q3 | 44 | $321.8M | 66 | ||
| 2015 Q2 | 35 | $343.5M | 74 | ||
| 2015 Q1 | 24 | $221.5M | 61 | ||
| 2014 Q4 | 21 | $270.3M | 0 |
Holding changes this quarter
Rtw Investments, LP's most significant position changes for 2026-06-30: New buy: ; Sold out: Apogee Therapeutics Inc (APGE); Sold out: Apellis Pharmaceuticals Inc (APLSUSD); Sold out: Intuitive Surgical Inc (ISRG); New buy: Structure Therapeutics Inc (GPCR).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | +2% | NEW | New buy | |
| 2 | ORKA | Oruka Therapeutics Inc | +1.6% | +52.52% | Add |
| 3 | RARE | Ultragenyx Pharmaceutical In | +1.5% | +113.68% | Add |
| 4 | SYRE | Spyre Therapeutics Inc | +1.1% | +1.92% | Add |
| 5 | QURE | uniQure N.V. | +1.1% | +52.40% | Add |
| 6 | TNGX | Tango Therapeutics Inc | +0.9% | +4.51% | Add |
| 7 | GPCR | Structure Therapeutics Inc | +0.7% | NEW | New buy |
| 8 | CMPS | Compass Pathways PLC | +0.7% | +0.65% | Add |
| 9 | URGN | UroGen Pharma Ltd. | +0.6% | — | Unchanged |
| 10 | GH | Guardant Health Inc | +0.5% | — | Unchanged |
| 11 | GHRS | GH Research PLC | +0.5% | — | Unchanged |
| 12 | ARGX | Argenx Se - Adr | +0.5% | — | Unchanged |
| 13 | CGON | Cg Oncology Inc | +0.5% | +21.90% | Add |
| 14 | ✓ | Establishment Labs Holdings In | +0.5% | — | Unchanged |
| 15 | NBIX | Neurocrine Biosciences Inc | +0.4% | +19.38% | Add |
| 16 | AXGN | Axogen Inc | +0.4% | NEW | New buy |
| 17 | DHR | Danaher CORP | +0.4% | NEW | New buy |
| 18 | SLDB | Solid Biosciences Inc | +0.3% | NEW | New buy |
| 19 | CYTK | Cytokinetics Inc | +0.3% | +5.18% | Add |
| 20 | IRTC | Irhythm Holdings Inc | +0.3% | +30.81% | Add |
| 21 | IMVT | Immunovant Inc | +0.3% | — | Unchanged |
| 22 | CADL | Candel Therapeutics Inc | +0.3% | — | Unchanged |
| 23 | ERAS | Erasca Inc | +0.2% | +11.08% | Add |
| 24 | TSHA | Taysha Gene Therapies Inc | +0.2% | -0.88% | Trim |
| 25 | RDNT | Radnet Inc | +0.2% | +13.11% | Add |
| 26 | ALKS | Alkermes plc | +0.2% | — | Unchanged |
| 27 | AKTS | Aktis Oncology Inc | +0.2% | — | Unchanged |
| 28 | PTCT | Ptc Therapeutics Inc | +0.1% | — | Unchanged |
| 29 | REPL | Replimune Group Inc | +0.1% | +0.74% | Add |
| 30 | CGEM | Cullinan Therapeutics Inc | +0.1% | +38.59% | Add |
| 31 | XNCR | Xencor Inc | +0.1% | — | Unchanged |
| 32 | IDYA | Ideaya Biosciences Inc | +0.1% | NEW | New buy |
| 33 | NGNE | Neurogene Inc | +0.1% | — | Unchanged |
| 34 | DFTX | Definium Therapeutics Inc | +0.1% | +33.33% | Add |
| 35 | ALLO | Allogene Therapeutics Inc | +0.1% | NEW | New buy |
| 36 | MAZE | Maze Therapeutics Inc | +0.1% | NEW | New buy |
| 37 | RGEN | Repligen CORP | 0% | +2.87% | Add |
| 38 | KYMR | Kymera Therapeutics Inc | 0% | — | Unchanged |
| 39 | BEAM | Beam Therapeutics Inc | 0% | — | Unchanged |
| 40 | TENX | Tenax Therapeutics Inc | 0% | +88.14% | Add |
| 41 | ABVX | Abivax Sa-adr | 0% | NEW | New buy |
| 42 | ATAI | Ataibeckley Inc | 0% | — | Unchanged |
| 43 | MIST | Milestone Pharmaceuticals In | 0% | +23.73% | Add |
| 44 | FDMT | 4d Molecular Therapeutics In | 0% | — | Unchanged |
| 45 | OBIO | Orchestra Biomed Holdings In | — | +15.05% | Add |
| 46 | BBNX | Beta Bionics Inc | — | -25.00% | Trim |
| 47 | DNTH | Dianthus Therapeutics Inc | — | — | Unchanged |
| 48 | LMRI | Lumexa Imaging Holdings Inc | — | — | Unchanged |
| 49 | LRMR | Larimar Therapeutics Inc | — | +71.07% | Add |
| 50 | IMA | Imagenebio Inc | — | — | Unchanged |
1–50 of 97
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Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Filing History
FAQ
What is Rtw Investments, LP and what type of investor is it?
Rtw Investments, LP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $11.7B, spread across 84 disclosed positions.
What are Rtw Investments, LP's largest equity positions?
Based on the latest 13F filing, Rtw Investments, LP's top holdings by market value are:
1. Madrigal Pharmaceuticals Inc (MDGL) — $1.1B (9.1%)
2. Argenx Se - Adr (ARGX) — $658.2M (5.6%)
3. Ptc Therapeutics Inc (PTCT) — $631.9M (5.4%)
4. Protagonist Therapeutics Inc (PTGX) — $620.4M (5.3%)
5. Cg Oncology Inc (CGON) — $605.0M (5.2%)
What changes did Rtw Investments, LP make in its most recent portfolio filing?
In the latest reported quarter, Rtw Investments, LP made 56 notable position adjustments: 9 new positions were initiated, 26 existing holdings were added to, 8 positions were partially reduced, and 13 were completely exited. The largest of these moves: New buy: ; Sold out: Apogee Therapeutics Inc (APGE); Sold out: Apellis Pharmaceuticals Inc (APLSUSD); Sold out: Intuitive Surgical Inc (ISRG); New buy: Structure Therapeutics Inc (GPCR)
What sectors does Rtw Investments, LP focus on?
Rtw Investments, LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 100.0%
Investment Profile
Rtw Investments, LP returned an annualized 19.9% over the trailing 36 months — outperforming the S&P 500 by 2.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.95 (roughly in line with the market) and a 39% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 100.0% of the portfolio concentrated in Health Care.
Its turnover score has risen from 0 to 39 over the past 4 quarters — a shift toward more active trading.
It has added to its CGON position over the past two quarters (+$521.4M, now $605.0M), while trimming INSM over the same stretch (-$326.5M, still holding $516.3M).
Peer Institutions
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Concentration17.2
Portfolio Stability26.2
Sector conviction100.0
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MI
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CIK 0002022028
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QC
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CIK 0001651424
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Portfolio Stability100.0
Sector conviction79.3
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Developer Access
Access Rtw Investments, LP's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/rtw-investments-lpCLI
npx alphasmo institutions get rtw-investments-lp